INSTANT NEWS

The Minister of Power, Adebayo Adelabu, recently made a significant announcement regarding the future of electricity subsidies in Nigeria. In a press conference held in Abuja on Wednesday, Adelabu emphasized that the country can no longer sustain the practice of subsidizing electricity.

According to Adelabu, Nigeria must transition to a more sustainable tariff model to address its mounting debt to generating companies (GenCos) and gas suppliers. Currently, the country owes approximately 1.3 trillion naira to GenCos and 1.3 billion dollars to gas companies.

During the press conference, Adelabu revealed that only 450 billion naira was allocated for electricity subsidy in the current year's budget, falling far short of the required funds. The ministry estimates a need for over two trillion naira to maintain subsidy levels.

Furthermore, Adelabu announced a significant policy change, allowing states to independently generate power. This move marks a shift towards decentralization in the power sector.

The minister's statements underscore the urgent need for Nigeria to transition towards a cost-effective tariff system and address its outstanding debts. As the country embarks on this transition, stakeholders will need to closely monitor developments in the power sector to understand the implications for consumers and the broader energy landscape.

Access Holding Plc has officially announced the passing of its Chief Executive Officer, Herbert Wigwe. Sunday Ekwochi, the company secretary, made this disclosure in a statement released on Sunday, revealing that Wigwe, along with his wife and son, tragically lost their lives in a helicopter accident in the United States on Friday, February 9, 2024.

In the statement, the bank expressed profound sadness at the loss, highlighting Wigwe's pivotal role as a driving force with a larger-than-life personality within the organization. The Board of Directors mourned the loss of Dr. Herbert Wigwe, CFR, acknowledging his significant contributions to Access Bank Plc since he joined the organization in 2002.

Abubakar Jimoh, Chairman of Access Holdings, reflected on Wigwe's legacy, praising his intellect, personal qualities, and extensive business experience, which greatly benefited the Access Family. The statement also mentioned the forthcoming appointment of an Acting Group Chief Executive Officer in accordance with the company's policy, expressing confidence in the Access Group's ability to continue building on Dr. Wigwe's legacy of growth and operational excellence.

Herbert Wigwe, his wife, son, and others tragically lost their lives in a helicopter crash in California, United States. Herbert Wigwe, born on August 15, 1966, hailed from Rivers state and passed away at the age of 58.

According to United States authorities, preliminary investigations into the tragic helicopter crash resulting in the demise of Access Holding Plc's Group Chief Executive Officer, Herbert Wigwe, his wife, son, and others, suggest wintry weather conditions as a contributing factor.

During a media briefing held Saturday (3 am Nigerian time, Sunday), Michael Graham, a member of the National Transportation Safety Board, revealed that officials were at the crash site to collect time-sensitive evidence. Graham noted witness reports indicating rain and wintry mix conditions at the time of the accident.

Graham further disclosed that the helicopter lacked a cockpit voice recorder or flight data recorder, as it was not mandated to have such recording devices.

Regarding passenger details, Graham mentioned a lack of specific information, indicating that any names would be released through the coroner's office, although a timeframe was not specified.

In the wake of the tragedy, Access Bank issued a statement on Sunday confirming the passing of Herbert Wigwe and his family members.

Herbert Wigwe, the co-founder of Access Bank and the founder of Wigwe University, has tragically passed away in a helicopter crash in California, United States.

Wigwe, who also served as the Chief Executive Officer (CEO) of Access Holdings, the parent company of Access Bank, was reportedly traveling with his wife, son, and three other passengers. The helicopter was en route to Las Vegas when it crashed near the border between Nevada and California on Friday night.

The US government has confirmed that there were no survivors among the six individuals aboard the helicopter. The crash occurred around 10:00 pm local time near Nipton, California, an unincorporated community approximately 60 miles south of Las Vegas in eastern San Bernardino County.

Mara Rodriguez, a public information officer with the department, stated that officials from the San Bernardino County Sheriff’s Department were alerted to the downed aircraft at 10:12 pm local time. The crash site was identified east of Interstate 15, near Halloran Springs Road.

While The New York Times has verified the incident, the names of the passengers have not been disclosed. As of now, no official statement has been released regarding the tragic event.

In a recent exchange, former Vice President Atiku Abubakar attributed Nigeria's economic challenges to the "poor policies" of President Bola Tinubu. However, the Presidency responded, accusing Atiku of hypocrisy and failing to propose better policy alternatives. Atiku criticized Tinubu's economic policies, stating that they are causing pain, despair, and a shrinking private sector. He also questioned the effectiveness of Tinubu's budget and characterized his initiatives as uninformed and chaotic.

On the other hand, the Special Adviser to the President on Information & Strategy, Bayo Onanuga, dismissed Atiku's criticism, claiming it reflects a mission as a poor opposition figure. Onanuga defended Tinubu's reforms, including the removal of petrol subsidy and harmonization of exchange rates, emphasizing their long-term benefits. He countered Atiku's claims about a shrinking private sector and multinational companies leaving, stating they are not grounded in facts.

The Presidency highlighted Tinubu's acknowledgment that the reforms would cause immediate pain but insisted they are essential for future prosperity. Onanuga urged Atiku to be honest about the inherited weak economy and commended President Tinubu's focus on solving economic and security challenges through fiscal and tax policy reforms. Despite Atiku's criticism, the Presidency emphasized its commitment to nation-building and economic recovery initiated by President Tinubu.

Residents of Minna, the capital of Niger State, voiced their frustration on Monday by staging a protest against the soaring cost of living in the country. The demonstrators, consisting of women and youths, took to the streets, blocking major roads in the metropolis while chanting protest songs. Despite the visible presence of security agents, including policemen, the protesters pressed on with their grievances.

Citing the escalating prices of essential food items and expressing dissatisfaction with the government's response to address the situation, the protesters sought to draw attention to their plight by obstructing key roadways. The Deputy Governor of Niger State, Yakubu Garba, engaged with the protesters, acknowledging the challenges faced by families and assuring them that the government is actively working to alleviate the cost of living and mitigate the effects of the petrol subsidy removal.

Simultaneously, a war of words unfolded on Sunday between the Presidency and former Vice President Atiku Abubakar regarding the state of the Nigerian economy and President Bola Tinubu's monetary policies. Atiku, the 2023 presidential candidate of the Peoples Democratic Party (PDP), used a post on X (formerly Twitter) to highlight the prevailing hunger in the nation, with basic commodities, including bread, becoming increasingly unaffordable for the average Nigerian. Responding swiftly, Bayo Onanuga, the Special Adviser to the President on Information & Strategy, accused Atiku of adopting the role of a poor opposition-in-chief, asserting that the reforms initiated by the Tinubu government might bring immediate challenges but are designed to usher in prosperity in the medium and long terms.